Arkansas § 23-84-102 Valuation of reserves by Insurance Commissioner

Arkansas Statutes

§ 23-84-102 — Valuation of reserves by Insurance Commissioner

(a)Except as provided in subdivision (a)(4) of this section, for a policy or contract issued before the operative date of the valuation manual:

(1)(A) The Insurance Commissioner shall annually value, or cause to be valued, the reserves for all outstanding life insurance issued by a company on or after January 1, 1960, and before the operative date of the valuation manual.

(B)In calculating the reserves, the commissioner may use group methods and approximate averages for fractions of a year or otherwise;

(2)In lieu of the valuation of the reserves required by this section of any foreign or alien insurer, the commissioner may accept any valuation made, or caused to be made, by the insurance supervisory official of any state or other jurisdiction when that valuation complies with the mini

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(a) Except as provided in subdivision (a)(4) of this section, for a policy or contract issued before the operative date of the valuation manual: (1) (A) The Insurance Commissioner shall annually value, or cause to be valued, the reserves for all outstanding life insurance issued by a company on or after January 1, 1960, and before the operative date of the valuation manual. (B) In calculating the reserves, the commissioner may use group methods and approximate averages for fractions of a year or otherwise; (2) In lieu of the valuation of the reserves required by this section of any foreign or alien insurer, the commissioner may accept any valuation made, or caused to be made, by the insurance supervisory official of any state or other jurisdiction when that valuation complies with the minimum standard provided in this section; (3) (A) Sections 23-84-103 - 23-84-111 , 23-84-113 , and 23-84-114 apply to a policy or contract issued on or after January 1, 1960, and before the operative date of the valuation manual. (B) Sections 23-84-115 and 23-84-116 do not apply to a policy or contract issued on or after January 1, 1960, and before the operative date of the valuation manual; and (4) The minimum standard for the valuation of a policy or contract issued before January 1, 1960, is the minimum standard in effect immediately before January 1, 1960. (b) With regard to a policy or contract issued on or after the operative date of the valuation manual: (1) (A) The commissioner shall annually value or cause to be valued the reserves for all outstanding policies or contracts of a company issued on or after the operative date of the valuation manual. (B) In lieu of the valuation of the reserves required of a foreign or alien company, the commissioner may accept a valuation made or caused to be made by the public official or regulatory authority responsible for regulating insurance companies of another state or jurisdiction if the valuation complies with the minimum standard provided by this chapter; and (2) Sections 23-84-114 - 23-84-116 shall apply.

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Legislative History

Amended by Act 2015, No. 1223,§ 36, eff. 7/22/2015. Acts 1959, No. 148, § 92; 1977, No. 551, § 1; 1981, No. 535, § 1; A.S.A. 1947, § 66-2511. See Act 2015, No. 1223, § 26.